TSX and S&P 500: Daily Market Review and Key Targets

Subject: Tuesday Morning Market Outlook - June 11, 2024 Good morning everyone, and welcome to Tuesday morning's Market Outlook. In the premarket today, stock index futures are trading below fair value, indicating we might see some selling at the open. Today marks the beginning of the two-day Fed meeting, and we expect the markets to remain relatively calm until the announcement at 2 PM on Wednesday. On Monday, we saw some money flow back into commodities, but it wasn't enough to start a new trend for stocks. We're keeping an eye on Nvidia to see if it can break through $125. If it does, our next price target is $137.50. Apple pulled back on Monday after announcing its new AI initiative, which seems to be a classic "buy the rumor, sell the news" scenario. We're anticipating a new daily sell signal for Apple at the close today. The TSX and the Dow are still on daily sell signals, while the S&P 500 and the NASDAQ 100, both of which include Nvidia, made new closing highs on Monday. The VIX closed higher on Monday, indicating that options traders are getting a bit nervous. We will remain short-term bullish on the market as long as the VIX does not close above 13.64. Please enjoy today's video. Best regards, Stephen Whiteside TheUpTrend.com Tuesday, June 11, 2024 https://theuptrend.com/morning-market-outlook-06112024/